Small-Caps Show Continued Strength

The market was choppy throughout Tuesday’s action following a weaker-than-expected retail sales report ahead of the opening bell. The major indexes were down well over 1% within the first half hour of action before rebounding throughout the session while closing mostly lower.

The small-caps outperformed after setting another all-time peak with Tech also showing some intraday strength. Meanwhile, volatility continues to hold a key level of support and the main indicator that could signal the next market breakout if cleared and held over the near-term.

The Russell 2000 closed at 1,791 after testing a record peak of 1,795 (+0.4%). Unchartered territory and lower resistance at 1,800-1,820 was challenged but held. A close above the latter would indicate continued momentum towards 1,830-1,850.

The Dow finished at 29,783 (-0.6%) after trading down to 29,520 shortly after the opening bell. Near-term and upper support at 29,750-29,250 was breached but a level that held. A drop below the latter would suggest a retest towards 29,000-28,750.

The S&P 500 tested an opening low of 3,588 before settling at 3,609 (-0.5%). Current and upper support at 3,600-3,575 was breached but held. A move below the latter would signal further downside risk towards 3,550-3,525.

The Nasdaq bottomed at 11,852 shortly after the opening bell before ending at 11,899 (-0.2%). Near-term and upper support at 11,900-11,800 was tripped and failed to hold. A close below the latter would indicate additional weakness towards 11,700-11,600.

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Chevron (CVX) upgraded to Sector Perform from Underperform at RBC Capital
Monster Beverage (MNST) upgraded to Neutral from Sell at UBS
Under Armour (UAA) upgraded to Overweight from Equal Weight at Wells Fargo

Casper Sleep (CSPR) downgraded to Neutral from Buy at Goldman Sachs
Las Vegas Sands (LVS) downgraded to Hold from Buy at HSBC
Urban Outfitters (URBN) downgraded to Equal Weight from Overweight at Wells Fargo

Before the open: Avaya Holdings (AVYA), BrightView Holdings (BV), Ituran Location and Control (ITRN), Kingsoft Cloud Holdings (KC), Lowe's Companies (LOW), Spire (SR), Target (TGT), TJX Companies (TJX)

After the close: Bilibili (BILI), Copart (CPRT), Cubic (CUB), Jack in the Box (JACK), Keysight Technologies (KEYS), Nvidia (NVDA), Sonos (SONO), Universal Technical Institute (UTI), ZTO Express (ZTO)

MBA Mortgage Applications - 7:00am
Housing Starts - 8:30am

Gold closed at $1,885.10 an ounce,  down $2.70
Silver settled at $24.55 an ounce, down $0.15
Copper finished at $3.20 a pound, down $0.02
Crude Oil was at $41.38 a barrel,
 down $0.12
Bitcoin Investment Trust (GBTC) ended at $20.16 up $1.30

I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell

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